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Popular Word Problems >

Mia opened a savings account and deposited 700.00 as principal. The account earns 2% interest, compounded quarterly. What is the balance after 9 years?

Solution

M ia o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 700.00 a s p r in c i p a l . T h e a cco u n t e a r n s 2% in t eres t, co m p o u n d e d q u a r t er l y . Wha t i s t h e ba l an ce a f t er 9 ye a rs ?

Solution

Amount : 837.68

Solution steps

Translate the problem into an equation:

A = 700 (1 + \frac{0.02}{4})^{4 \cdot 9}

700 (1 + \frac{0.02}{4})^{4 \cdot 9} = 837.67636 \dots

Round to the nearest hundredth:

837.68

Amount : 837.68

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